Changes to New York Power of Attorney Law: New York Amends Power of Attorney Law Retroactively

Sullivan & Cromwell LLP - August 15, 2010

The New York Legislature has now passed, and the Governor has signed, amendments to the New York Power of Attorney Law, Sections 5-1501–5-1514 of the General Obligations Law, which became effective on September 1, 2009.  The amendments will become effective on September 13, 2010 and will then be deemed to have been in effect on and after September 1, 2009, in effect amending the prior law retroactively.  The amendments will alleviate the concerns about the effect of the prior law on business and commercial transactions and the automatic revocation of prior powers of attorney.